I need help figuring out what the correct option for the first cell in the trans

Question

I need help figuring out what the correct option for the first cell in the transaction #2 is. Thanks!

Here is what I have so far...

2. Prepare all February 29 closing entries for WWC. Post to the T-Accounts in requirement 1-b. (If no entry is required for a transaction/event, select "No Journal Entry Required" in the first account field.) Answer is not complete General Journal Debit 26,000 19 Transaction Credit Sales Revenue Interest Revenue 2,250 140 Sales Returns and Allowances Sales Discounts 2 2 Interest Expense Bad Debt Expense Rent Expense Insurance Expense Wages Expense Utility Expense 165 970 2,600 700 4,200 600 Retained Earnings 750 Dividends Declared 750

Explanation / Answer

Closing entries:

No Transaction General Journal Debit Credit 1 1 Sales revenue 26000 Interest revenue 19 Sales returns and allowances 2250 Sales discounts 140 Income summary 23629 (To close revenue and contra-revenue accounts) 2 2 Income summary 22525 Cost of goods sold 13290 Interest expense 165 Bad debt expense 970 Rent expense 2600 Insurance expense 700 Wages expense 4200 Utility expense 600 (To close expense accounts) 3 3 Income summary (23629 - 22525) 1104 Retained earnings 1104 (To close income summary to retained earnings) 4 4 Retained earnings 750 Dividends declared 750 (To close dividends to retained earnings)

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